DETROIT — Ford Motor Credit Co. COO Joy Falotico will replace Chairman and CEO Bernard Silverstone upon his retirement Oct. 1.
Falotico named Ford Credit CEO
Falotico, 49, has worked for Ford Credit for 27 years. As COO, she led Ford Credit’s global operations, marketing, sales and brand, business center operations and insurance operations.
Silverstone said in a statement that Falotico is poised to lead Ford Credit. “Joy is an experienced and trusted leader with a sharp focus on driving strong business fundamentals.
“She is in a great position to lead Ford Credit’s success,” he said.
Previously, Falotico was executive vice president for Ford Credit marketing, sales, Americas and strategic planning; vice president of North American operations; vice president of U.S. sales operations; vice president of global marketing; and had pan-European responsibility for customer and dealer service operations and risk management for Ford Credit Europe.
She was named to Automotive News’ list of 100 Leading Women in the North American Auto Industry in 2010 and 2015.
The COO position will be eliminated, according to Ford Credit spokeswoman Margaret Mellott.
Silverstone, 60, has been with Ford’s captive finance arm for 37 years. He has been CEO since 2013.
“Bernard’s global expertise and strong leadership have been key to Ford Credit’s continued profitability and growth, as well as new financial solutions for mobility,” Mark Fields, CEO of Ford Motor Co., said in a statement. “Throughout his career, Bernard has worked tirelessly to ensure Ford Credit continues to be an important part of our success. We are grateful for his dedication and many contributions around the world.”
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